SQUARE CAPITAL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SQUARE CAPITAL
Largest movements
- Tangible fixed assets +€199,051
up €199,051 (+12.9%), from €1.5m to €1.7m
of which Land and buildings: +€217,578
- Stocks and contracts +€67,675
new in 2025: €67,675
- Debts after one year +€311,790
up €311,790 (+49.3%), from €632,660 to €944,450
- Other debts -€57,073
down €57,073 (-9.2%), from €618,118 to €561,044
- Financial income +€44,953
up €44,953 (+540302.9%), from €8 to €44,962
- Financial charges +€44,177
up €44,177 (+123.9%), from €35,668 to €79,845
- Depreciation -€43,887
down €43,887 (-38.9%), from €112,884 to €68,997
- Gross operating margin -€33,439
down €33,439 (-18.3%), from €182,757 to €149,318
- Taxes +€2,681
up €2,681 (+78.3%), from €3,424 to €6,105
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,570,324 | €1,848,935 | +€278,611 | +17.7% |
| Fixed assets | 21/28 | €1,548,981 | €1,748,032 | +€199,051 | +12.9% |
| Tangible fixed assets | 22/27 | €1,548,981 | €1,748,032 | +€199,051 | +12.9% |
| Land and buildings | 22 | €1,458,737 | €1,676,314 | +€217,578 | +14.9% |
| Furniture and vehicles | 24 | - | €1,471 | +€1,471 | |
| Other tangible fixed assets | 26 | €90,244 | €70,247 | -€19,998 | -22.2% |
| Current assets | 29/58 | €21,343 | €100,903 | +€79,560 | +372.8% |
| Stocks and contracts in progress | 3 | - | €67,675 | +€67,675 | |
| Stocks | 30/36 | - | €67,675 | +€67,675 | |
| Amounts receivable within one year | 40/41 | €6,667 | €6,012 | -€655 | -9.8% |
| Trade receivables | 40 | €6,655 | €6,000 | -€655 | -9.8% |
| Other amounts receivable | 41 | €12 | €12 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €14,676 | €27,216 | +€12,540 | +85.4% |
| Total equity and liabilities | 10/49 | €1,570,324 | €1,848,935 | +€278,611 | +17.7% |
| Equity | 10/15 | €194,120 | €210,890 | +€16,771 | +8.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,620 | €124,390 | +€16,771 | +15.6% |
| Amounts payable | 17/49 | €1,376,205 | €1,638,045 | +€261,840 | +19.0% |
| Amounts payable after more than one year | 17 | €632,660 | €944,450 | +€311,790 | +49.3% |
| Financial debts | 170/4 | €632,660 | €944,450 | +€311,790 | +49.3% |
| Amounts payable within one year | 42/48 | €743,545 | €693,595 | -€49,949 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €36,338 | €52,692 | +€16,354 | +45.0% |
| Trade debts | 44 | €56,433 | €54,020 | -€2,413 | -4.3% |
| Suppliers | 440/4 | €56,433 | €54,020 | -€2,413 | -4.3% |
| Taxes, remuneration and social security | 45 | €32,657 | €25,839 | -€6,818 | -20.9% |
| Taxes | 450/3 | €32,657 | €25,839 | -€6,818 | -20.9% |
| Other amounts payable | 47/48 | €618,118 | €561,044 | -€57,073 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,884 | €68,997 | -€43,887 | -38.9% |
| Other operating charges | 640/8 | €21,480 | €22,562 | +€1,082 | +5.0% |
| Gross operating margin | 9900 | €182,757 | €149,318 | -€33,439 | -18.3% |
| Operating profit (loss) | 9901 | €48,394 | €57,759 | +€9,365 | +19.4% |
| Financial income | 75/76B | €8 | €44,962 | +€44,953 | +540302.9% |
| Recurring financial income | 75 | €8 | €44,962 | +€44,953 | +540302.9% |
| Financial charges | 65/66B | €35,668 | €79,845 | +€44,177 | +123.9% |
| Recurring financial charges | 65 | €35,668 | €79,845 | +€44,177 | +123.9% |
| Profit (loss) for the period before taxes | 9903 | €12,734 | €22,876 | +€10,142 | +79.6% |
| Income taxes | 67/77 | €3,424 | €6,105 | +€2,681 | +78.3% |
| Profit (loss) for the period | 9904 | €9,310 | €16,771 | +€7,460 | +80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €9,310 | €16,771 | +€7,460 | +80.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.